Swap lines
Monetary policy and reserve management in an era of uncertainty
Panellists at the Central Banking Summer Meetings with experience of ‘polycrises’ discussed reserve management strategies to prepare for and respond to financially turbulent times.
Argentina extends swap agreement with China
Central Bank of Argentina says it will repay activated $5 billion swap by mid-2026
Lessons from the banking turmoil of 2023
Guardrails on capital, liquidity, deposit insurance, resolution, digitalisation and disintermediation need a rethink
Getting Chiang Mai right
Asia’s emergency infrastructure is on the right track, but there is still room for improvement
South Korea and Malaysia renew currency swap line
Bank of Korea and Bank Negara Malaysia resume arrangement that lapsed in 2023
Asean+3 to launch new financing facility
Thirteen Asian states say fund will deal with exogenous shocks’ effects on balance of payments
BIS’s Zhang Tao on why Asian central banks favour a broader policy mix
The BIS’s Asia chief speaks with Christopher Jeffery and Jimmy Choi about supporting liquidity, financial stability and innovation in the Asia-Pacific region
Politics and economics drive swap line decisions – IMF paper
Financial and trade links as well as political reasons affect decision-making, authors say
Indonesia and Singapore renew bilateral liquidity lines
MAS and Bank Indonesia also renew bilateral repo agreement
China sets up renminbi clearing bank in Laos
New currency clearing arrangement is China’s fifth in South-east Asia
Central banks of UAE and Egypt agree currency swap
Latest currency support move by UAE comes amid mounting pressure on Egyptian pound
Argentina increases use of Chinese currency
Authorities repay IMF in renminbi, and allow it for local current and savings accounts
Argentina applying to join New Development Bank
China renews 130 billion yuan swap line with Latin American country
Lagarde warns fragmented world could be inflationary
“Multipolarity” could also raise global co-ordination challenges, ECB president says
Global economy will be ‘anaemic’ – IMF
Inflation falling, but central banks will only reach targets over 2024 and 2025
Central banks step up dollar liquidity support
But initial auction results show little evidence of pressure on dollar funding
RBA and BoK lengthen swap deal
New swap agreement will be effective for five years
Argentina activates Chinese swap lines
Central bank says move will boost reserves but observer says it is unlikely to strengthen peso
ECB and PBoC extend currency swap deal for three years
Central banks keep the size of the swap line unchanged
US and Korea agree to set up liquidity facilities if necessary
It is still unclear whether the facilities would involve a currency swap line
Book notes: Harry White and the American creed, by James Boughton
This book offers a deeper understanding of the hugely influential IMF founder and his work, but fails to resolve espionage charges